#5 Philippines: +20%

The Philippines earned a BBB- rating and a stable outlook from Fitch Ratings in March. The ratings agency gave kudos to the country's resilient economy and its moderate budget deficit thanks to improved fiscal management by President Benigno Aquino.

In addition to the investment grade rating, investors have been drawn to the Philippines because it's shielded from the economic slowdown in China, said Ashraf Laidi, chief global strategist at City Index in London.